STATEMENT

Rep. Mike Capuano Blasts Republican Tax Plan

May 9, 2003 -- The tax cut that the Republican-controlled Congress is voting on today will equal $549 Billion dollars over the next ten years. That's a lot of money. But over that same time period, the US economy will total $138 TRILLION dollars. This tax cut equals only 0.4% of the total US economy. I think it's clear that this tax cut will have minimal impact on the economy.

So why are they doing it? POLITICS - what a surprise. Republicans don't want the American people to concentrate on the fact that since President Bush took office, 563 Americans lose their job every hour. That's almost 10 per minute ... every minute of every working day!! Republicans don't want Americans to know that the same amount they are spending on their tax cut to help the wealthy - COULD in fact reduce taxes to ZERO for EVERY single American taxpayer below an income of $55,000.

That's ZERO taxes for 60,000,000 Americans who pay an average tax right now of $2,200. If Republicans really want tax cuts - why target the wealthy? Why not help those making less that $55,000 a year?

Republicans don't want you to know that the national debt is increasing $585,000 per minute ... every minute of the Bush presidency. While America slept last night - your President borrowed $245 million from our children. They are doing all they can to keep America from looking behind the curtain.

This tax cut won't help the economy. It is targeted at the wrong group of taxpayers and it will increase the debt burden we leave to our children. That is why I am voting NO on this irresponsible political gimmick.